Gas Nearing $4/Gallon Nationwide

According to GasBuddy.com, the average cost of a gallon of gasoline in the United States is currently $3.788.

This is up from $3.704 in the past week, $3.531 in the past month and $2.864 in the past year.

Back in the summer of 2008, the average cost of a gallon of gasoline in the United States rose to an all-time high of approximately $4.12. It should be noted that the current price of gas ($3.788) is substantially higher than it was in mid-April of 2008 (approximately $3.50). This has led some to proclaim that gasoline has a chance of reaching $5/gallon in the United States by this summer.

Gas has already surged past the $4/gallon mark in many parts of the country. Illinois, Washington DC, Alaska, California and Hawaii are already paying more than $4/gallon on average, with Michigan, New York, Indiana and Connecticut all well north of the $3.90/gallon mark.

These major cities are all paying more than $4/gallon for gas as of this moment:

Earlier this week, Goldman Sachs' analysts predicted that oil would experience a "substantial pullback" over the next few months, but other analysts aren't so sure. Bank of America Merrill Lynch released a research note this morning in which they said that there was a 30% chance of Brent crude reaching $160 a barrel this year. If that happened, then the price of gasoline would rise as well, especially during the summer driving season in the United States.

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At what point will people start adjusting in order to cope with higher gas prices? It's already happening.